Modi revisits economic reform agenda after landslide election win
NEW DELHI (Reuters) Prime Minister Narendra Modi, fresh from his landslide election victory in buy canada goose jacket Uttar Pradesh, now has a chance to advance his economic Canada Goose Coats On Sale reform agenda.
Giant cardboard cut outs of Indian Prime canada goose deals Minister Narendra Modi Canada Goose Jackets (C) and 2018 canada goose outlet Bharatiya Janata Party president Amit Shah are displayed in New Canada Goose canada goose outlet store locations sale Delhi, India, March 15, 2017. REUTERS/Cathal McNaughton
Voters in Uttar Pradesh handed Modi Bharatiya Janata Party (BJP) the biggest canada goose store majority for any party in the buy canada goose jacket cheap state since 1977, effectively giving their blessing to his shock decision last November to scrap 86 percent of the cash canada goose clearance in circulation.
The so called demonetisation sought to canada goose coats on sale wipe out cash untaxed wealth and proceeds of corruption. While it cheap Canada Goose caused huge disruption to daily and business life, voters backed Modi pitch canadagoosejacketca canadian goose jacket that the undeserving rich would suffer most.
Armed with a new mandate as a champion of the poor, canada goose outlet toronto factory Modi still faces a struggle to implement reforms to boost growth and jobs in Asia canada goose outlet store locations third largest economy, say experts.
Here are the government reform priorities:
GOODS AND SERVICES TAX: canada goose clearance sale The finance ministry plans to implement the Goods and Services Tax (GST), India biggest ever tax reform, Canada Goose Parka from July.
There would be four tax slabs of 5, 12, 18 and 28 percent, plus a levy on taxes on luxury canada goose replica items like cars, aerated drinks Canada Goose online and tobacco products to compensate states for any revenue losses in the first five years.
State of Play:
Central and state finance ministers gave their final approval to GST legislation on Thursday. Still, it is expected to boost the rate of economic growth by about 0.5 percentage points; broaden the revenue base; and cut compliance costs for firms.
BAD BANK: The finance ministry and the Reserve Bank of India are still in talks on whether to set up a Public Sector Asset Rehabilitation Agency (PARA), or bad bank, canada goose coats to deal with stressed assets in the banking system.
State of play:
Technocrats at both the finance ministry and RBI have called for urgent Canada Goose Online action. Finance Minister Arun Jaitley has, however, not been won over to the idea of a bad bank, a senior finance ministry official said. The approach has failed to achieve much headway until now, weakening state banks that are poorly placed to extend credit.
LABOUR REFORMS: Encouraged by the election results, the Modi administration wants to move forward with long pending labour bills on wages and industrial relations. Labour Minister Bandaru Dattatreya has proposed boiling down 44 industrial canada goose black friday sale laws into four codes to simplify employment rules and raise social security benefits for workers.
State of play:
Labour ministry officials say efforts continue to canada goose build a consensus, following Canada Goose Outlet a government decision to extend maternity leave to 26 weeks from 12 weeks. Yet India small but militant trade unions even those allied to Modi ruling party oppose the reforms.